Chicago Board of Trade soyabean futures hit a two-week high on Thursday as worries about tightening Argentine soya supplies overshadowed bearish data in a monthly US Department of Agriculture report, analysts said. CBOT March soyabeans settled up 4-3/4 cents at $9.87-3/4 per bushel.
CBOT March soyameal ended up $6.30 at $341.70 per short tons after reaching $346, its highest since January 25. CBOT March soyaoil fell 0.35 cent at 32.21 cents per pound. The USDA lowered its forecast of Argentina's soyabean crop to 54 million tonnes, from 56 million last month. Argentina is the world's biggest exporter of soyameal and soyaoil.
The Buenos Aires Grains Exchange cut its estimate to 50 million tonnes, from 51 million previously. A strike by Argentine truck owners has slowed the loading of grain export cargo ships, a port official in Rosario said. Brazilian crop agency Conab raised its estimate of the country's soyabean crop to 111.55 million tonnes, from 110.4 million last month, while the USDA raised its estimate to 112 million tonnes, from 110 million last month. Soyabean futures dipped briefly after the USDA raised its forecast of US 2017/18 soyabean ending stocks to 530 million bushels, up from 470 million in January, citing reduced US soyabean exports.